The University of Louisville Foundation saw its endowment drop nearly $18 million in value over the past year, but it saw an uptick in pledges in April.

Interim Executive Director Keith Sherman said this week that the endowment is worth about $731 million. He attributed the decrease to a one-time, $38 million write-down that was due to a re-evaluation of the endowment's assets after former President James Ramsey's tenure.

"But for that, the endowment has grown over the last year both through restrained spending as well as returns in the marketplace and new gifts," Sherman said.

He acknowledged the foundation has struggled in recent years to attract donations, noting that "there's been a lot going on," but there are signs of improvement.

U of L has received approximately $21.6 million in donor pledges for fiscal year 2018, according to foundation documents. It received the most pledges — approximately $9.2 million — in April alone.

"I think the public is beginning to appreciate and understand the significant reforms that the board has led in terms of the foundation's governance," Sherman said.

It has been a tumultuous time for the university since Ramsey was forced to resign in the summer of 2016. Longtime athletic director Tom Jurich and men's basketball coach Rick Pitino were ousted last year after U of L was ensnared in a recruiting scandal involving an FBI investigation.

The school reached a settlement with Jurich this month, but a lawsuit Pitino filed after his firing hasn't been resolved yet. U of L sued Ramsey in April, alleging mismanagement of its endowment funds.

However, the university has made a few key hires this year as it focuses on launching a new chapter in its history.

In March, Vince Tyra became the school's permanent athletic director, and U of L hired Chris Mack to lead the men's basketball team. In April, the university selected Neeli Bendapudi as its first permanent president since Ramsey left.

Despite April's spike in donations, this fiscal year's pledges — totaling about $21.6 million to date — still lag behind the last two fiscal years. U of L received donor pledges totaling approximately $43.4 million in fiscal year 2017 and roughly $74.8 million in fiscal year 2016.

The foundation board approved an operating budget Tuesday for the upcoming fiscal year, which begins July 1. The new budget devotes $65 million to the university, which is an increase of about $5 million compared to the current fiscal year, according to Sherman.

The foundation is boosting its support for the school's office of advancement — which handles U of L's fundraising efforts — by more than $250,000, bringing its total contribution up to $6 million.

Bendapudi, who officially became university president this month, told the foundation board Tuesday that she’s committed to ensuring U of L’s endowment grows. However, she said the school also must attract gifts it can use for more immediate needs.

“I always talk about today, tomorrow and next,” she said. “We cannot just plan for now.”